INTRODUCTION AND GENERAL COURSE INFORMATION
|
COURSE |
Microeconomics:
ECON% 201 (old number: ECO 200) * |
|
QUARTER |
Spring
2008 |
|
INSTRUCTOR |
J.
Hubert |
|
OFFICE |
Room
301 |
|
PHONE |
587
2037 (Office) |
|
E-MAIL |
jhubert@sccd.ctc.edu |
|
J.HUBERT HOMEPAGE |
http://www.SeattleCentral.edu/faculty/jhubert |
|
ECONOMICS HOMEPAGE |
|
|
OFFICE
HOURS |
7:30
– 8:00 by request |
|
TEXTBOOKS |
Microeconomics:
The Economic Way of Thinking, Paul Heyne, 5th Edition or Microeconomics:
The Economic Way of Thinking, Paul Heyne, SCCC Edition |
|
SUPPLEMENTAL |
|
* Note: Principles of Microeconomics,
ECON& 201, satisfies the Quantitative/Symbolic Reasoning requirement for
the A.A. degree.
ECONOMICS
"The Theory of Economics does not furnish a body of settled
conclusions immediately applicable to policy. It is a method rather than a
doctrine, an apparatus of the mind, a technique of thinking which helps its
possessor to draw correct conclusions."
John Maynard Keynes
"But the age of chivalry is gone. That of sophisters,
economists, and calculators, has succeeded; and the glory of
Edmund Burke, Reflections on the Revolution in
Economics as an "engine for
the discovery of concrete truth."
Alfred Marshall, "The Present Position of Economics" (1885)
Economics is the study of how to best allocate scarce resources
among competing uses: guns or butter types of questions.
Typical textbook definition
MICROECONOMICS,
ECON& 201
Economics 201, a
microeconomics course, focuses on the activities of individual units within the
economy - the firm and the individual consumer. Topics to be discussed include:
scarcity, supply and demand, the market mechanism, prices, factors of
production, the theory of the firm, and a variety of current issues such as minimum
wage laws, rent control, pollution, divorce and abortion. In this course we
will attempt to relate economic theory to the real world - the world of people
and businesses making decisions.
EDUCATIONAL
PHILOSOPHY AND COURSE GOALS:
My educational philosophy
is reflected in the course goals/objectives for my macroeconomics course:
1.
To achieve a fundamental understanding of microeconomic theory,
concepts and terminology.
2.
To be able to interpret and analyze economic data (employing
quantitative methods).
3.
To develop an independent ability to apply economic tools
(including quantitative methods) in critical thinking about a variety of
issues.
4.
To develop an understanding of social interactions, implications
and responsibility.
5.
To be able to utilize collective resources (seminar and study
groups) to identify and analyze issues and solve problems.
6.
To be prepared for advanced economic courses.
The primary goal of my
introductory economics courses is to enable students to apply "the
economic way of thinking." Thinking like an economist involves using
chains of deductive reasoning in conjunction with simplified models. The
learning (rather than teaching) process involves the application of a limited
number of important concepts and economic tools to examine relevant real world
issues and problems.
The initial,
and possibly the most important, step in this process is to make economics fun
(or at least interesting). It is my contention that, far from being a dry,
dismal science, economics provides students with the tools necessary to
critically examine issues and make sound decisions...skills necessary to
function in any society. John Maynard Keynes summarized this notion well:
"It is this ability to readily utilize economic theory in the
analysis of real world issues that makes its study fun."
The
emphasis in my classes is on analysis. This approach tends to challenge my
students. To quote R. Jackson Wilson, Professor of History at
"Students come to us having sat around for twelve years
expressing attitudes toward things rather than analyzing. They are always ready
to tell you how they feel about an issue, but they have never learned how to
construct a rational argument to defend their opinions."
Consider
the following wisdom regarding the role of the academician in both the learning
and maturation process:
"During those confusing times, as the events of the 1960s and my
maelstrom of swirling emotions pulled me toward the abyss of permanent animus,
any number of my professors pulled me back or at least kept me from going over
the brink. They refused to accommodate my feelings; they demanded that I think
rather than feel."
Justice
Clarence Thomas in IMPRIMIS,
·
”Ethics deals
with morality and I would contend that capitalism is an amoral economic
model.” *
Business
Administration Program Review 2002
* Note: We will spend some time addressing this
rather thoughtless comment.
I feel strongly that
my college transfer courses must be taught at the same level of rigor and
content as comparable courses at four-year institutions. To do less penalizes our
transfer students.
My courses combine
traditional lectures with a host of other approaches including small group
work, short individual and group presentations, and current events from the
Wall Street Journal and other publications.
A significant portion
of time is allocated to the analysis of contemporary issues. We enjoy
confronting conventional wisdom. For example, consider the myths regarding the benefits of minimum wage laws… economic theory - and
empirical evidence, strongly supports the notion that minimum wage laws hurt
the poor…more precisely, poor young black males.
Learning economics
requires application, application, and more application. Society frequently
allocates scarce resources through the application of chance, so we sometimes
select student presenters by utilizing a random number generator. On occasion,
resources are allocated through force (remember the Gulf War, the Peloponnesian
War, the Mexican-American War, the War of 1812, and so forth). In this class, I
have been known to utilize arm wrestling as an allocation mechanism.
Consider the
following disclaimer of René Descartes, circa 1625:
"At the same time, recalling my insignificance, I affirm
nothing, but submit all these opinions to the authority of the Catholic Church,
and to the judgment of the more sage; and I wish no one to believe anything I
have written, unless he is personally persuaded by the evidence of
reason."
I
share Descartes’ concern regarding persuasion: I wish no one to believe
anything presented in this class unless he or she is personally persuaded by
the evidence of reason."
METHODS OF
INSTRUCTION:
Lecture and
collaborative techniques: I combine traditional lectures with a host of other
approaches including small group work, short individual and group presentations,
and current events from the Wall Street Journal and other publications.
COURSE MATERIALS:
http://seattlecentral.org/faculty/jhubert/economics.html
COURSE
PREREQUISITES:
MAT 098
(Intermediate Algebra) and ENG 101 (recommended)
STUDY AND SEMINAR
GROUPS:
Study groups will be
organized to address and analyze a variety of economic issues. Active
participation is encouraged.
HOMEWORK:
Short (one or two pages)
homework papers may be periodically assigned during the quarter. Homework
papers will be due at the beginning of class period on the date due.
QUIZZES AND
EXAMS:
There will be a
short quiz every Friday, beginning on April 4th. (Since we all tend to have "off"
days or miss the occasional class because of sickness or some other legitimate
reason, only the highest 6 quiz grades will be included in the grading
algorithm.)
Two exams have been
tentatively scheduled: Thursday, May 8th and a final exam on June 10th. A
post-exam review session is scheduled for 8:00 am, Wednesday, June 11th.
Note: Test times and
dates are inviolate, that is, alternative test dates or times will not be
scheduled.
GRADING: *
Exams
(2) 200 points
Quizzes
(6) 120 points
Participation to be determined **
Homework to
be determined **
-------------------------------------------------
Total 320 points
plus ad hoc homework and participation assignments
* Subject to
revision
** To be determined
at the time of assignment.
NOTE: All homework
must be completed in order to receive a passing grade.
GRADING MATRIX *
|
|
Grade* |
Minimum % of
total points |
|
3.5 |
91 % |
|
2.7 |
77 % |
|
1.5 |
66 % |
|
0.7 |
51 % |
|
0.0 |
Less than 51
% |
* Approximation only
Additional readings
will be assigned on an ad hoc basis. Reading assignments (textbooks and
supplemental) represent your main learning tools. Please do your reading when it
is assigned. Lectures will cover important and/or difficult topics and will
assume that you have done the reading assignment.
Ultimately you will
be responsible for the topics assigned whether discussed in lecture or not. Note:
New material may be introduced in lectures. You will be held accountable for
both readings and lectures.
COURSE SYLLABUS (Very Tentative)
|
WEEK |
TEXTBOOK CHAPTER |
|
1 |
1 – The Economic
Way of Thinking & 2 – Substitutes Everywhere:
the concept of demand |
|
2 |
3 – 4 – Supply and
Demand: a process of cooperation |
|
3 |
5 – Supply and
Demand: issues and applications & 6 – Efficiency,
Exchange, and Comparative Advantage |
|
4 |
7 – Information,
Middlemen, and Speculators |
|
5 |
Midterm Exam,
Thursday, May 8th |
|
6 |
8 – Price Setting
and the Question of Monopoly & 9 – Price
Searching |
|
7 |
10 – Competition
and Government Policy & 11 - Profit |
|
8 |
12 – The
Distribution of Income |
|
9 |
13 – Externalities
and Conflicting Rights |
|
10 |
14 – Markets and
Government & 15 – The
Limitations of Economics |
|
11 |
Final Exam:
Tuesday, June 10th Post-Exam Review:
8:00 am, Wednesday, June 11th |
NOTES:
a. If you need
course adaptations or accommodations because of a disability; if you have
emergency medical information to share with me; or you need special
arrangements in case the building must be evacuated; please make an appointment
with me as soon as possible.
b. District
regulations prohibit children in the classroom.
c. College
regulations prohibit food or beverages in the classroom.
d. Academic
dishonesty will not be condoned in my classes.
Note: Cheating is punishable by expulsion from the class.
e. Cell phones and
beepers are to be turned-off prior to entering the classroom.
f. All submissions, including ad hoc quizzes, etc., must be
submitted on 8 ½ by 11 paper - without chads.